The first listing of a multibillion-dollar Southeast Asian tech company in Indonesia on Friday will set the benchmark for IPO hopefuls in a region where global investors are chasing fast growing e-commerce markets.
, makes its market debut after raising $1.5 billion in Indonesia's biggest ever initial public offering .
"I'm expecting to get some capital gain for the listing since it will get a lot of buy ratings," said Andry Taneli, a retail investor, who cited Bukalapak's size among local tech firms and its anticipated strong liquidity versus peers. Bukalapak, which focuses on micro, small and medium-sized enterprises beyond top tier cities in Southeast Asia's largest economy, is the fourth-largest e-commerce player after Tokopedia, Sea Ltd'sInvestor interest is also running high ahead of a planned multibillion-dollar IPO by GoTo, Indonesia's most valuable startup formed through the merger of ride-hailing and food delivery firm Gojek and e-commerce leader Tokopedia.
"This IPO has also demonstrated that Southeast Asia technology companies can achieve a premium valuation for growth with significant demand," said Nicolo Magni, head of global banking for Southeast Asia and India at UBS, the joint global coordinators for the issue with Bank of America.
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